Businessman Vivek Ramaswamy talked about a cryptocurrency plan to ‘fix’ the U.S.’s regulatory framework and bring Americans “economic freedom.”
Outdated Regulations And SBF Case
At the recent Republican presidential debate in Tuscaloosa, Alabama, Vivek Ramaswamy addressed concerns about his cryptocurrency policy. The inquiry focused on the implications of former Binance CEO Changpeng “CZ” Zhao’s guilty plea, highlighting charges related to sanctions and money-transmitting laws.
Ramaswamy’s response emphasized the inadequacy of existing regulations in dealing with fraud, criminal activities, and terrorism within the crypto space. He pointed to the recent exploits of SBF on the FTX platform as evidence that the current regulatory framework is ineffective.
Ramaswamy’s Cryptocurrency Plan
In the past month, Ramaswamy unveiled his comprehensive cryptocurrency plan, advocating for the repeal of Securities and Exchange Commission (SEC) regulations. His proposal includes a pathway for digital tokens to be categorized as commodities rather than falling under the SEC’s jurisdiction. Notably, Ramaswamy stands out as one of the few politicians explicitly incorporating crypto into his campaign agenda.
His response to being asked if his crypto plan will also result in economic freedom for terrorist groups, Ramaswamy stated,
“Fraudsters, criminals, and terrorists have been defrauding people for a long time. Our regulations need to catch up with the current moment.”
Critique of SEC
Ramaswamy did not shy away from criticizing the SEC and its chair, Gary Gensler. He highlighted Gensler’s inability to confirm Ethereum’s regulatory status during a congressional session.
During the debate, Ramaswamy expressed his intention to reduce federal bureaucrats by 75% in his first year as president, attributing the need for such a move to the excessive influence of bureaucratic agencies. He stated,
“The people who we elect to run the government are not the ones who are even actually running the government. It is the bureaucrats in those three-letter agencies that are writing regulations that Congress never gave them the authority to write.”
Crypto As Talking Point In Presidential Campaigns
Ramaswamy isn’t the only presidential candidate addressing cryptocurrency in their campaign. Robert F. Kennedy Jr., an Independent candidate who previously ran as a Democrat, has proposed exempting bitcoin from capital gains tax.
Additionally, Central Bank Digital Currencies (CBDCs) entered the discourse, with Florida Governor Ron DeSantis declaring to end them immediately if he assumes the presidency.
As the political landscape integrates crypto discussions, candidates like Ramaswamy are shaping their campaigns around the need for regulatory reform in the digital asset space.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2023/12/cryptocurrency-regulations-need-to-catch-up-vivek-ramaswamy